1,400 sign up for MicroStrategy’s corporate Bitcoin-buying bootcamp

Leading global business intelligence firm MicroStrategy is hosting an online seminar this week to explain the legal considerations for companies looking to incorporate Bitcoin into their stores and reserves.

A February 3 tweet from MicroStrategy CEO Michael Saylor said representatives from more than 1,400 companies have already signed up for the event, dubbed “Bitcoin for Business: Legal Considerations.”

If you’re interested in the legal considerations companies face when integrating #Bitcoin into their corporate strategy, you are not alone. We have experts from more than 1,400 companies who will come to us tomorrow for this discussion. Your legal team still has time to attend. https://t.co/fid9nrZUfP

– Michael Saylor (@michael_saylor) February 2, 2021

The seminar will take place on February 3rd and 4th. Five one-hour sessions are planned for the first day, and twice as many 30-minute sessions are planned for the second.

On the first day, presentations will be held by Saylor, the firm’s president and CFO Phong Le, as well as representatives from law firms specializing in digital assets. Topics covered include strategies for including Bitcoin in treasury reserves and related accounting, tax, legal, and audit considerations for companies pursuing this strategy.

On the second day, presentations from top crypto exchanges and fund managers such as Coinbase, Binance, Grayscale and Galaxy Digital will be shown.

In August, MicroStrategy hit the headlines after it was revealed it had bought 21,000 BTC for $ 250 million. The following month, Saylor announced that the company had purchased an additional 16,796 bitcoin for $ 175 million, with the company buying around 0.19 BTC every three seconds over a period of 74 hours to complete the transaction.

In December, MicroStrategy issued $ 650 million in bonds that were quickly mobilized to buy 29,646 BTC. The company bought another 314 bitcoin for $ 10 million in late January and another 295 BTC for $ 10 million this week, bringing bitcoin reserves to 71,079 BTC, or 0.38% of circulating bitcoin supply.

While MicroStrategy paid $ 1.095 billion to accumulate its BTC holdings, current prices estimate the stock at $ 2.57 billion – a 135% gain.

Despite the company’s rampant Bitcoin accumulation, which resulted in Citigroup downgrading its shares on December 8, the stock has risen 113% since then.